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April 23, 2020

Better Markets Applauds Federal Reserve’s Announced Commitment for CARES Act Program Transparency

FOR IMMEDIATE RELEASE
Thursday, April 23, 2020
Contact:  Pamela Russell at prussell@bettermarkets.com
Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Federal Reserve’s announced commitment to transparency regarding CARES Act programs and activities:
“We have stressed to the Federal Reserve (Fed) that transparency must be a key part of all of its coronavirus-related emergency measures, and we applaud it for the announcement today to disclose substantial information regarding its CARES Act liquidity and lending programs and facilities.  It is an important addition to its other transparency initiatives.  Moreover, considering the many needless self-inflicted wounds from the secret backdoor bailouts during the 2008-2009 financial crash, which gave rise to a legislative near-death experience for the Federal Reserve, this is a welcome and refreshing development.   
“However, the American public deserves more.  We would encourage the Fed to go further both as to the CARES Act activities and the broader coronavirus-related facilities.  Regarding the CARES Act, the Fed should publicly disclose as much detail as possible, including, for example, all the core documents and material terms of agreements with the participants.  Regarding its other coronavirus-related activities, the Fed should be at least as transparent as it is with the CARES Act, if not more, particularly due to the potential for conflicts of interest and the involvement of Wall Street’s largest and most politically connected and powerful banks.
“As we have said, full transparency regarding all aspects of the Fed’s coronavirus-related activities, particularly regarding the direct or indirect use of CARES Act taxpayer funds, is essential to maintain the faith and trust of the American people.  This unprecedented amount of taxpayer money is intended to rescue the real economy and save Main Street jobs.  Every American should be able to readily determine that those objectives were in fact met by all of the Fed’s actions.  This is in the best interests of the country and the Fed itself.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.  
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